New Delhi: The Board of Punjab National Bank (PNB) on Thursday approved the proposal to raise up to Rs 10,000 crore through equity and debt. Also Read - Masked Men Loot Over Rs 7 Lakh From PNB Branch in Haryana
In a regulatory filing, the bank said that it will seek shareholders’ approval for raising of equity capital for an amount up to Rs 7,000 crore in the forthcoming Annual General Meeting (AGM). Also Read - PNB SO Recruitment 2020: Over 535 Vacancies For Manager, Senior Manager Posts, Online Application Starts From Tomorrow
It said that board has approved “raising of capital through issue of equity shares and Basel III Compliant Tier 2 Bonds by way of Private Placement, Qualified Institutions Placement, Further Public Offer, Rights Issue or any other mode or through a combination thereof up to an amount of Rs 10,000 crore and seeking approval of the shareholders for raising of equity capital for an amount up to Rs 7,000 crore in the forthcoming AGM”. Also Read - PNB Reports Rs 492 Crore Loss For Q3 Owing to Increase in Bad Loan Provisioning
The board on Thursday also approved the appropriation of accumulated losses of Rs 28,707.92 crore from the Share Premium Account of the amalgamated bank (PNB) and seeking approval of the shareholders in the forthcoming AGM for the same. The state-run bank will hold its 19th AGM on August 4, through video conference.